While the majority of AI technologies don't move beyond the ideation stage yet, few technologies such as machine learning, computer vision, and chatbots are gaining more and more momentum as they are actively tested in real application environments.
We are at the very beginning of the AI story and becoming an AI pioneer could create immense business opportunities or significant downside risks due to the high investments and over expectations. Is there a middle ground and what is the right AI strategy for business owners?
Ok, Google! How can I benefit from integrating AI into my applications?
An easy surf through the web will advise that some business challenges have been solved with the help of AI. You will further find some feedback for successful and failed implementations of AI capabilities:
- Increase sales
Benefit from the vast amount of customer data you have collected over the time and use the insights to derive actionable recommendations. These insights ultimately increase your customer retention rate and, therefore, your profits. - Improve the quality of customer service
Process the tons of incoming data and analyze user behavior to segment and customize your service offering as granular as your audience desires it. - Identify risks and predict trends
Improve the way your business handles uncertainty and increase your business forecasting accordingly. - Reduce labor costs
AI-driven process automation helps you to release your employees from routine work and enable them to focus on priority tasks.
These thoughts will give you the first level of understanding if you need extra innovation in your business operations. But do you think AI will give you a quick move ahead of competitors? If so, then it is the right time to find out about the practical steps on this way.